1212 S. Michigan Ave.

Type:

Multi-Family Rental Acquisition

Status:

344 Unit Multi-Family Rental Building, Purchased in 2007 and Sold in 2011

Financial Sources:

$56,000,000 / GE Real Estate First Mortgage
$15,000,000 Equity / DV Urban Realty Partners


1212 South Michigan is a 344 unit multi-family rental building with 237,000 square feet of residential space, 217 parking spaces and 6,500 square feet of commercial space that was increased to 10,000 square feet as part of repositioning the building in the South Loop rental market. Prior to its sale in 2011, the following capital projects were completed: full elevator modernization; full fire alarm system replacement; leasing center relocation; conversion of under-utilized amenity space to retail space; make-up air modernization; unit renovations; and interior upgrade program. During our ownership and management, rents increased by nearly 20 percent and occupancy increased from 89% to 98%.